The proverb of old says "Whoever walks in integrity walks securely, but he who makes his ways crooked will be found out", it is as applicable today as it was thousands of years ago.I think Brian is correct, the reason many get in trouble because they read all of the misinformation on the web, there are some yea-sayers out-there (even here on BP, but most of the times they get corrected) who will tell you "yes, you can do this" and lead others into trouble.

If you can not wait till tenants move out on their own, allowing you to do electrical during vacancy, I would non renew one tenant at a time to complete the necessary work.

It might mean you have to wait another year, but better to do that then get stuck with a tenant base you don't like. 

@Michael Coiffman  Personally if you think your credit will be in the mid 600's in only 6 months I would wait on buying and see if you have more financing options.If you're looking to buy right now then an owner finance deal would probably be your best bet. 

Seems like if they're worried, it would just be easier to wait until the tear-down is torn-down and sell once the blighted house is no longer hurting their property value and take the equity somewhere else. 

Wait until they come to you with an offer and then go around them.

However, waiting that long to initiate eviction is part of being incompetent. 

@Julie Rhodes wait a min.... your husband is Jason?

Or, do I keep waiting and saving up money till I can better handle the load?

Waiting to hear back on an offer - Always good to factor that cost into the numbers.